Metropolitan gets loan to convert 711 Stewart Ave.

Jericho-based Metropolitan Realty Associates has obtained a $36.72 million loan from Mesa West Capital to convert its 335,000-square-foot commercial building at 711 Stewart Ave. in Garden City to a mixed-use project including retail, medical offices and offices.

Retailer BJ’s Wholesale Club will occupy 121,000 square feet of the property, which has been renamed Garden City Square.

Metropolitan and its long-time equity partner, Angelo, Gordon & Co., acquired the office building for $15 million or less than $45 per square foot, in May 2010. The 17-acre property adjacent to Roosevelt Field Mall was 43 percent occupied at the time of the acquisition, according to a statement

CB Richard Ellis brokers Keith Braddish, Mark Fisher and Jason Gaccione arranged the first mortgage loan from Mesa West Capital, a privately held commercial real estate lender based in Los Angeles. Terms of the loan were undisclosed.